Every Indian citizen who pays taxes is given a 10-digit unique identifying number called a Permanent Account Number (PAN). A PAN card is necessary for everyone who pays taxes, including people, corporations, organisations, and local governments. It is also necessary for carrying out any kind of financial transactions and it also works as an identification document.
Read More: How to become an insurance agent: Ultimate guide
But can a minor also apply for a PAN card. Yes, a minor can also submit an application to get a PAN Card. According to the regulations, there is no cap on ITR filings in India. A minor may also submit an ITR if his or her monthly income exceeds Rs. 15,000. It is crucial to have a PAN card to file an ITR. As a result, the Income Tax Department has not set a minimum age requirement for getting a PAN card.
When is a Minor’s Pan Card Required?
Whenever parents make an investment in their child’s name and designate their kid as the beneficiary of the said investment. In that case the parents intend to open a bank account in the child’s name, which becomes the minor’s first paycheck.
How to apply for a minor’s PAN Card?
The parents of the said child or his/her legal guardians can on behalf of the child apply for a PAN card for the minor. In that case the guardian becomes accountable for submitting an ITR on the child’s behalf.
However, the PAN card issued in a minor’s name does not contain their signature and photo, therefore, it cannot be used as identification. The child must submit an application for a PAN card update once they turn 18.
Read More: Petrol, Diesel Prices Today, October 15: Check Latest Fuel Prices Today
Procedure for PAN Applications:
Step 1: Go through the NSDL website.
Step 2: Carefully read the directions before filling out Form 49A.
Step 3: Upload the minor’s birth certificate, along with any other required paperwork, including the parents’ pictures. Upload the parents’ signatures
Step 4: Complete the procedure by making a payment of Rs 107. Click on the submit button. An acknowledgment number will be given, which can be used to check the status of an application. After successful verification, the PAN card will be delivered to you within 15 days.
